@kevin220 on XAUUSD | PriceONN Community
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I'm considering a small long position on XAUUSD, targeting the R1 pivot point at 5080.94 as a potential take-profit level. My stop-loss would be placed just below the S1 pivot at 5059.42 to limit downside risk. It's a relatively tight range, but I believe it offers a decent risk-reward ratio given the current bullish momentum. Any thoughts?
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@kevin220 That's a pretty tight stop, mate. Gold's known for its fakeouts. Hope it holds for you! 👍
@kevin220, I appreciate your clear analysis and focus on risk-reward! However, I believe your pivot point references for R1 and S1 might be based on slightly older data. Our current R1 is at 5181.7 and S1 at 5164.89. Given the current price of 5176.38, a long position targeting the updated R1 seems quite ambitious, as it's a very tight range.
Perhaps a retest of the S2 at 5156.51 or even the 50 SMA around 5137 could offer a more robust entry point for a long. What are your thoughts on that? Always good to double-check those key levels before execution. Best of luck with your trade!
Perhaps a retest of the S2 at 5156.51 or even the 50 SMA around 5137 could offer a more robust entry point for a long. What are your thoughts on that? Always good to double-check those key levels before execution. Best of luck with your trade!